[PMT]

Another SPA application filed February 3:

Development Applications

City Planning COA Application Information Center

app.toronto.ca

Block F 2 located at the northeast corner of the Eglinton Avenue East and Victoria Park Avenue intersection. Two separate SPA applications are submitted for Building F1 (rental) and Building F2 (condominium)

 

[Northern Light]

Building F1 is covered by the other site plan.

Lots of duplicated info, so I'll just post this:

 

[Northern Light]

This one is before the DRP today: Just a couple of renders: (some will have captions)

My read of the comments is that they were generally favourable; but with some common critiques.

The latter were:

Too much parking, needs to come down.

Not enough definition/detail on the landscape plans

Some feeling that the landscape plans need to be a bit greener and a bit more thoughtful

Some question of whether there should be a servicing driveway off of Victoria Park

A sense that the key corner of VP/Eglinton requires a somewhat bolder sense of place.

 

[Northern Light]

Resubmission of the SPA here in December '23.

@Paclo will want to verify any detailed changes, top height of 46s remains.

Hard to get a handle on what's been tweaked here, I do gather some enhancement to sustainability in respect of the Landscape program, I'll take a closer look later.

This, got my attention:

Not sure at what point parking was reduced and from that number...........but:

 

[Northern Light]

Resubmission of SPA here in November '24.

@Paclo

This one has a unilateral hair cut of 14s by the proponent dropping it from 46s to 32s!

From the Cover Letter:

****

Render from newest Arch. Plans.................... oh no............someone stole the colour!

Looks like we might still get some colour at-grade on some sides:

Elevators are now 3 to 341 units or one elevator per 113.66 units

 

[innsertnamehere]

and that ridiculous 54,000 unit density number for the Golden Mile already starts to drop. It was never realistic.

 

[Northern Light]

and that ridiculous 54,000 unit density number for the Golden Mile already starts to drop. It was never realistic.

While I agree it is/was an absurd number..... its very unusual to see a proponent give back obtained entitlement at that scale.

I find it curious that there is apparently insufficient demand for market-rental at this location to justify the full build (particularly given that it appears they will be the first mover); of course this one doesn't have the recent incentive package massaging the numbers.

 

[Tyrang]

It is not a popular area now, but I think Golden Mile might be a place to look out for in once the Eglington Line Extension happened. The plan is look pretty decent.

Projects - SvN

The City of Toronto is undertaking the Golden Mile Secondary Plan Study, which will develop a vision and planning framework for a complete community within the Golden Mile Area which supports both the active employment uses and the existing and future mixed use and residential uses.

svn-ap.com

 

[innsertnamehere]

The plan as submitted by various landowners had roughly 2x as many units as NYCC has today - on a surface LRT line in Scarborough, the slowest high-density apartment market area in the city. and that's BEFORE the inevitable employment conversion requests along the south side of Eglinton.

I don't think that the market is incapable of absorbing any supply here - I just don't think it'll be able to absorb 54,000 units even on a time span of decades.

Even if you *can* build 46 storeys here, why not build 32 storeys cheaper and move on to your second phase in 3 years, instead of building 46 and waiting 5+ years for it to absorb before moving to Phase 2?

 

[toronto647]

It is not a popular area now, but I think Golden Mile might be a place to look out for in once the Eglington Line Extension happened. The plan is look pretty decent.

Projects - SvN

The City of Toronto is undertaking the Golden Mile Secondary Plan Study, which will develop a vision and planning framework for a complete community within the Golden Mile Area which supports both the active employment uses and the existing and future mixed use and residential uses.

svn-ap.com

View attachment 623903

View attachment 623904

How would an EG LRT East Extension impact anything, just need the EG LRT to open tbh then this area will blossom. The EGLRTEAST doesn't even run through this area.

 

[Tyrang]

How would an EG LRT East Extension impact anything, just need the EG LRT to open tbh then this area will blossom. The EGLRTEAST doesn't even run through this area.

You are right. For some reason I got the extension point confused. This one doesn't need the East Extension

 

[Northern Light]

The plan as submitted by various landowners had roughly 2x as many units as NYCC has today - on a surface LRT line in Scarborough, the slowest high-density apartment market area in the city. and that's BEFORE the inevitable employment conversion requests along the south side of Eglinton.

I don't think that the market is incapable of absorbing any supply here - I just don't think it'll be able to absorb 54,000 units even on a time span of decades.

I'm with ya on the above; just thinking that the original phase 1 proposal here is only requiring the absorption of 491 units, not 54,000.

There is certainly an overall shortage of rental housing in Toronto, and with the Crosstown open, this seems to be geographically well placed.

Even if you *can* build 46 storeys here, why not build 32 storeys cheaper and move on to your second phase in 3 years, instead of building 46 and waiting 5+ years for it to absorb before moving to Phase 2?

Again, maybe absorption would be an issue here..........but given overall low vacancy rates, and a new build on a rapid transit line, with no local competitors (yet) this would be the only rental nearby, I think with central air and ensuite laundry, at least on the east side of VP.

***

The other thing I'm wondering is what difference the City's recent incentive plan would make for this building, if the City takes on a defacto subsidy to make ~30% of the units affordable, I assume they would fill a lot faster.

 

[innsertnamehere]

Choice isn't the only one with a site plan application in along here. Nobody else is underway yet, but they will have competition along here.

The real estate market is already tight. Choice is already a pretty conservative organization, I'm not surprised they are proceeding cautiously.

 

[maestro]

Vacancy rates are not low by any means. The rates are quite high for Toronto over the past 40 years. However, vacancy is not driving private rental construction. Nearly every purpose built rental that has broken ground in recent times is taking part in various housing initiatives offerings suggests it's not as a good time to invest in rentals as a decade ago.

 

[Northern Light]

Vacancy rates are not low by any means. The rates are quite high for Toronto over the past 40 years. However, vacancy is not driving private rental construction. Nearly every purpose built rental that has broken ground in recent times is taking part in various housing initiatives offerings suggests it's not as a good time to invest in rentals as a decade ago.

The average vacancy rate for rental residential in Toronto this year (2024) was 2.5%, though the number was higher in Q4. However, it should be noted that the numbers are often higher in Q4

4% is generally considered the tipping point to a landlord's market.

Average rents in Toronto remain very high by historical standards. Sure there's a been a year over year fall off, from all-time highs........but I'm not about to call this a renter's market.

There's lot of profit to be made in new-builds, with incentives, if correctly priced to market.

You've got older buildings, with no a/c, with no dishwashers, no ensuite laundry charging over 3k a month for a 3bdrm, and over 2k for a one bedroom.

That's arguably an ok price for a new build with those amenities, not the older stock.

The vacancy rate will clearly need to climb further to tilt the market.

I want to see it hit at least 6% and hold there for a year or more to drive prices down before the market regains balance.